I heard this on the news a few weeks ago, but have gotten nothing from Wells Fargo.
I decided when doing bills today that I would take all my other debt and put it on my WF credit line
That way when they close it and convert it to a fixed repayment loan I will still have all my other credit lines with low utilization, thus preserving my credit score and most of my open and available credit.
I could ask why you are doing business with Fascist Wells Fargo but I will not bother.
Neither a borrower nor a lender be.
Some folks are ambivalent about things like this.
I would tell them to take a hike.
I do not understand why anyone would still be doing business with a bank that was busted for screwing their customers.
Our checking account is through Wells Fargo. Their services have been going down the tubes for a few years ago. We no longer have any lines of credit or personal loans from them. They essentially offer no real service to us except a debit card and fees to use it.
We’re toying around with the idea of leaving them for a credit union. Those entities seem to be the only real service banks left.
Lenders quit lending when they decide that the current economic situation is unstable and that loans will likely not be repaid. It is not a judgment of the banks against individual borrowers but on the overall economy itself.
Wellls Fargo is betting on the economy rankings so it is refusing loan applications and hoarding cash.
After all, banks make money on loans and if they stop lending it means they expect losses if they do. It isn’t just to piss us off, they are betting against Biden’s economy.
Smart move.
I haven’t gotten any letters from Wells, but, I did get two notices from Citibank that said they were dropping all card protections/perks within 30 or 60 days (emerg travel cash, life insurance, warranty extension, lifeflight, a few others i can’t remember having only just used the warranty extension once)
Something is up and it’s not just WF. Could it be related to cyberattacks and our identities sold to the wind?
I quit doing any business with Wells Fargo ages ago. I would recommend others leave them also.
Inflationary risk mitigation?
WF sponsors the Mexican national team
I don’t have a checking account with WF but I’ve had a credit card with them since 1989. I only bank at credit unions - never banks. And Fidelity.
Amex did that to my small business in 2008. Took a while to recover from that. Banks pretty much suck.
WF sent us a notice about 10 days ago. We had to close our HELOC with WF earlier this year because we refinanced our first mortgage, so this wasn’t a problem. We thought we would re-open the HELOC with WF after completing the refi, but we got the notice from them. So we initiated a new HELOC with the bank we refi’d with and are closing in that next week.
It was weird how WF exited that business. I wonder how people who had used a lot of the HELOC are going to fare. They have to be scrambling to open other HELOCs to pay off the WF loan. Fortunately for us, we kept it only for emergency purposes and had a zero balance.
I do not like Wells Fargo. I bought property (land and house). The land value to house value made many lenders balk. WF took on the loan and have kept it as a internal asset. I will give them credit for being able to see through the “lending practices”. My mortgage is still with them 10 years later. Hope to have it paid off in 3-4 years.
I have never had an issue with them but the things I read do make my skin crawl.
If I have to be honest they have been solid to me.
Not A just notified me they will no longer honor a check drawn on my checking account
So glad we refinanced this summer with NewDay USA, and got rid of that God-Awful Wells Fargo mortgage (Which they bought from the piece of shit institution we refinanced with.
I have had nothing but bad experiences with Wells Fargo.
I guess I have always been the kind that does not go into debt in the first place.